what is the proper rental increase amount?

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May 15 2012 - Canaryville
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In today's market there really is no set amount or percentage - we've have seen it not only go up, but go down as well.  Value is in the eye of the the beholder (buyer, seller, tenant etc)
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May 15 2012
It used to be 2-5% increase was common. Nowadays though, landlords are putting it up to whatever they want, because they can get it. There really is no set number they need to have nor is it required by law in Illinois to do so.
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May 15 2012
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I think it depends on where you live.  Some cities have rent control.  I believe places like San Francisco can't go up by more than 3% on current tenants and can only do it once per year.  If a new tenant is moving in then I think you do have the freedom to adjust to whatever the market rate is, but you should double check the rules and regulations in your area!
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May 15 2012
Thanks Rob, You've been most helpful.
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May 15 2012
I look at comparables on Craigslist. 
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May 15 2012
thanks....now my next question is how do I find out what the market rate is for my area?
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May 15 2012
It depends on the market in your area and how important it is if you want to keep the trenant or not. There is no set #. I prefer to keep my rents a bit below the market to keep my tenants and not risk a vacancy. Other people might think differently
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May 15 2012
 
Related Questions
what is the proper rental increase amount?
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Latest answer by Catherine Mosij
May 15 2012 | 7 answers
  • Asked by Christine Campos
  • In Rentals
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